The Nigerian naira has appreciated significantly against the United States dollar in the official foreign exchange market. According to data from the Central Bank of Nigeria, the naira strengthened to 1,419.07 naira per dollar on Tuesday, marking a gain of 10.24 naira from the previous day’s rate of 1,429.3054. This upward trend is the highest daily gain recorded since the official currency trade began in 2026.
In contrast, the black market rate remained stable at 1,480 naira per dollar, unchanged from the previous day’s rate, as reported by Bureau De Change operators in Abuja. The disparity between the official and black market rates highlights the complexities of Nigeria’s foreign exchange market.
The recent appreciation of the naira is attributed to the country’s increasing external reserves, which rose to $45.61 billion as of January 5, 2026, up from $45.57 billion on January 2. This increase in foreign exchange reserves is a positive sign for the Nigerian economy, as it indicates a rise in the country’s ability to meet its international payment obligations.
Nigeria’s external reserves have been steadily increasing, driven by factors such as improved crude oil prices and increased foreign investment. The country’s foreign exchange market has been subject to fluctuations in recent years, influenced by factors such as monetary policy, trade balance, and global economic trends.
The appreciation of the naira is a significant development for Nigeria’s economy, as a stable currency can boost investor confidence and support economic growth. As the country continues to navigate its economic challenges, the performance of the naira will remain a key indicator of its progress. With the external reserves expected to continue rising, it will be important to monitor the impact on the naira’s value and the overall economy.
